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Home »  Products » Withdrawn Plans » Jeevan Nischay

Jeevan Nischay

Features
LIC’s JEEVAN NISCHAY TABLE NO. 199  (UIN : 512N258V01)

LIC's Jeevan Nischay is a single premium closed ended plan designed exclusively for our valuable policyholders like you who have at least one in force risk bearing policy with us accepted at our standard rate. You may choose the premium amount you wish to pay and the sum payable on maturity (Maturity Sum Assured) will depend on the premium amount, your age and the term selected.

 


1. Eligibility Conditions 
 
Maximum age at entry
50 years (nearest birthday)
Policy term
5, 7 and 10 years
Minimum Single Premium     
Rs. 10,000/-
Maximum Single Premium
Rs. 10,00,000/-

 

(Premium shall be in multiples of Rs.1,000/-) Maximum Basic Sum Assured (First Year Death Benefit) : Lower of- Rs. 50,00,000, and 50% of total Sum Assured (total death benefit) under all existing in force policies 

2.Incentive for high Premium Paid
If your premium amount is Rs. 25,000 or more, you will receive higher maturity sum assured due to available incentive.

3.Loan
You can avail loan under this plan after completion of one policy year.

4.Surrender Value
You may surrender the policy after it has run for at least one year. The Guaranteed Surrendered Value will be equal to 90% of the Single premium paid excluding the extra premium, if any. Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed surrender value.

5.Exclusions
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of (i) 90% of the Single Premium paid excluding any extra premium paid, or (ii) third party's bonafide beneficial interest acquired in the policy for valuable consideration (but limited to the death benefit available under this policy) of which notice has been given in writing to the branch where this policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

6.Cooling Off Period
If you are not satisfied with the Terms and Condition's of the policy, you may return the
policy to us within 15 days.

 


Last modified date :03/03/2021
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